After furnishing his original return under section 263(1) of the Income-tax Act, 2025, an assessee discovers that he omitted some interest income. Which return does section 263(5) allow him to…

Section 263(5) allows a person who has furnished a return under section 263(1) or a belated return under section 263(4), and who discovers an omission or wrong statement in it, to furnish a revised return. As amended by the Finance Act, 2026, it may be filed within twelve months from the end of the tax year or before completion of assessment, whichever is earlier, with a fee if filed after nine months. A belated return under section 263(4) is for a person who has not filed within the due date at all.